Huda to float 11 new sectors in Gurgaon, raise Rs 6,000 crore

GURGAON: Huda has plans to launch 11 new sectors in the Gurgaon division. However, in the absence of land in the district, these new sectors will be developed in places like Rewari, Bhiwani, Hisar, Kurukshetra and Sonipat. Officials said the urban development agency is expected to earn over Rs 6,000 crore by selling plots in these sectors, which will help it tide over financial crisis.

In fact, Huda's chief administrator Vikas Gupta held a meeting on March 16 to finalise the proposal to launch new sectors to raise funds by selling plots. New sectors are likely to be launched on March 31. Once launched, more than 15,000 residential and hundreds of commercial plots will be up for grab in these 11 sectors. "Huda can earn more than Rs 150 crore by just selling forms (one form @ Rs 1,000) for a draw of lots for allotment of plots," a senior Huda official told TOI on Saturday.

In the absence of Gurgaon from the list of urban areas where new sectors are to be launched, the Huda official said there are 115 sectors under Gurgaon-Manesar plan, out of which 57 sectors were developed by Huda and sectors 59 to 115 is being developed by private developers. "We have no land available for new sectors in Gurgaon as most of the land is owned by private developers. So these sectors will be launched in other places," he said.

Huda is going through deep financial crisis and the state government has expressed its inability to provide financial assistance. Huda is now trying to raise fund from its own resource to complete the ongoing development works.

According to an estimate, it needs over Rs 23,000 crore for development works in Gurgaon alone.

Few days back Huda has initiated the auction of 96 commercial properties in Gurgaon, Dharuhera and Rewari, which is expected to raise around Rs 300 crore. The registration for auction has started from March 23 and e-auction will start on March 31. "Huda is facing funds crunch, which is affecting the development works, so we are exploring different ways to raise funds," said the senior official.

In the past few years, as Huda went into debt from surplus, development projects have either stalled or have been moving at a snail's pace.